Movies

PVR posts consolidated revenue of Rs 9,608 mn for Q3FY23

The company witnessed growth of 53.2% YoY & 37% QoQ.

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Mumbai: PVR Ltd. reported unaudited consolidated financial results for the third quarter and nine months ended 31 December 2022.

The consolidated revenue, earnings before interest, taxes, depreciation, and amortisation (Ebitda) and profit after tax were recorded at Rs 9,608 million, Rs 3,088 million, and Rs 159 million, respectively, as compared to Rs 7,097 million, Rs 2,605 million, and Rs 102 million for the corresponding quarter in FY2022.

After adjusting for the impact of IND-AS 116 -- leases, the company's consolidated revenue, Ebitda, and PAT were Rs 9,535 million, Rs 1,411 million, and Rs 252 million, respectively, compared to Rs 6,423 million, Rs 662 million, and Rs 219 million for the same quarter in FY2022.

There is growth of 16 per cent in the average ticket price (Rs 244) and a CAGR of five per cent over three years when compared to Q3 FY’20 (the pre-pandemic period).

The company witnessed a growth of 33 per cent in average food and beverage spend per patron (Rs 133), or a 10 per cent CAGR over three years when compared to Q3 FY’20 (the pre-pandemic period).

As reported, 21.8 million patrons visited PVR cinemas during the quarter.

Nine-month period

For the nine-month period ended 31 December 2022, consolidated revenue, Ebitda and PAT were Rs 26,661 million, Rs 8,413 million, and Rs 24 million, respectively, as compared to Rs 10,775 million, Rs 2,895 million, and Rs 3,830 million for the corresponding period in FY2022.

After adjusting for the impact of IND-AS 116 - leases, consolidated revenue, Ebitda, and PAT of the company were Rs 26,556 million, Rs 3,619 million, and Rs 369 million, respectively, as compared to Rs 8,552 million, Rs 1,373 million, and Rs 3,234 million for the corresponding period in FY2022.

There is growth of 18 per cent in the average ticket price (Rs 241)—a six per cent CAGR over three years when compared to FY’20 (the pre-pandemic period).

The company witnessed growth of 32 per cent in average F&B spend per patron (Rs 132), a CAGR of 10 per cent over three years when compared to nine months of FY’20 (pre – pandemic period). During the nine-month period ending December 2022, 65 million people visited PVR cinemas.

PVR has added 63 screens across 11 properties to date.

Commenting on the results and performance, PVR Ltd. chairman cum managing director Ajay Bijli said, "With the verbal approval for the merger coming through from NCLT, we are tracking well within the projected timelines for the closure of the transaction. We intend to complete all the formalities within the current financial year."

"The performance of the quarter gone by demonstrates the swift recovery in the business as soon as good-quality content is made available. After a dismal Q2, it also marks a good recovery in box office collections. With the regional movies' superlative performances continuing across India, it is only a matter of time before the performance of Bollywood movies catches up. We are looking for a significant uptick in box office collections for the next fiscal year and a strong recovery in Bollywood and Hollywood collections.

The quarter saw a significant improvement over the previous quarter due to strong content performance. The same pattern was observed in the growth of key operational metrics such as admits, ATP, and SPH.

The third quarter saw Hollywood's resurgence with the highest grossing movie of the quarter, Avatar 2: The Way of Water,and was supported by movies like Black Panther: Wakanda Forever and Black Adam.

Regional cinema's dominance continued in the third quarter, with blockbusters such as Ponniyin Selvan 1 and Love Today. The biggest regional release during the quarter was Kantara, which proved to be a sleeper hit.

Drishyam 2 from Bollywood was the second-biggest movie of the quarter, helped by content such as Vikram Vedha and Bhediya.

During the year, PVR has opened 63 screens across 11 cinemas to date and is on track to open a total of 100 to 110 new screens by the end of the current fiscal year. Adding 20 screens across three properties during the quarter, PVR now operates 181 cinemas with 903 screens across 78 cities.

PVR-Inox merger

On 12 January 2023, the National Company Law Tribunal (NCLT), Mumbai bench, has through its verbal order allowed the proposed scheme of amalgamation between PVR Ltd. & Inox Leisure.

The company expects to complete all the legal formalities with respect to the proposed merger, including the issue of PVR shares to Inox shareholders, within the next 45 days of receipt of a certified true copy of the order passed by NCLT.

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